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Freddie Mac Said to Offer Higher Payout on Risk-Sharing Bonds Bloomberg Freddie Mac (FMCC) may boost how much it pays bond investors to share the risk of homeowner defaults as the government-controlled mortgage-finance company plans its biggest offering of such debt, according to a person with knowledge of the deal. and more&nbsp;&raquo;

BIRMINGHAM, Ala./NEW YORK (Reuters) - Going a step further than his colleagues at the Federal Reserve, a hawkish policymaker said on Wednesday the U.S. central bank should wind down its bond purchases faster than planned and end it before mid-year.

Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following statement at today's hearing on how the Dodd-Frank Act's Volcker Rule will impact jobs. During our last Volcker Rule hearing I mentioned receiving correspondence from a constituent of mine, Joseph of Mabank, Texas. He wrote me, "I am a disabled veteran and have been without work for over a year all I want is to have a good-paying job." I receive way too many letters like this from folks like Joseph who are struggling to make ends meet, struggling in this struggling economy. There's William who lives in Ben Wheeler, who says: "I have been out of work for the longest time since my teenage years." And Tina from Canton, who wrote me, "I haven't been able to find a job suitable for my family's needs." I do not recall ever in my lifetime when the challenges of upward mobility and economic opportunity for low and moderate income Americans have been greater. Not surprisingly, I also do not ever recall in my lifetime when the regulatory, red tape burdens on our job creators and capital markets have been greater. I believe, as do most, that there is a clear, direct causal link between the two. Today's exhibit: the 932-page complex, confounding, confusing and convoluted Volcker Rule. Like most of the other 400 rules in Dodd-Frank, the Volcker Rule is aimed at Wall Street, hits Main Street, and regrettably people like Joseph, William, and Tina have become collateral damage. The Volcker Rule, I believe, remains a solution in search of a problem. Of the 450 financial institutions that failed during or as a result of the financial crisis, not one failed because of proprietary trading. In fact, financial institutions that varied their revenue streams were better able to weather the storm, keep lending and support job growth. Instead, bank failures as we all know came largely from a concentration in lending in poorly underwritten residential real estate...

Average mortgage rates fell to the lowest level since mid-November last week as unease over economic growth in the U.S. and market turmoil abroad prompted investors to load up on government bonds, pushing down long-term interest rates.

Anthony A. DeFusco and Andrew Paciorek. The relationship between the mortgage interest rate and a household's demand for mortgage debt has important implications for a host of public policy questions. In this paper, we use detailed data on over 2.7 million mortgages to provide novel estimates of the interest rate elasticity of mortgage demand. Our empirical strategy exploits a discrete jump in interest rates generated by the conforming loan limit--the maximum loan size eligible for securitization by Fannie Mae and Freddie Mac. This discontinuity creates a large ``notch" in the intertemporal budget constraint of prospective mortgage borrowers, allowing us to identify the causal link between interest rates and mortgage demand by measuring the extent to which loan amounts bunch at the conforming limit. Under our preferred specifications, we estimate that a 1 percentage point increase in the rate on a 30-year fixed-rate mortgage reduces first mortgage demand by between 2 and 3 percent. We also present evidence that about one third of the response is driven by borrowers who take out second mortgages while leaving their total mortgage balance unchanged. Accounting for these borrowers suggests a reduction in total mortgage debt of between 1.5 and 2 percent per percentage point increase in the interest rate. Using these estimates, we predict the changes in mortgage demand implied by past and proposed future increases to the guarantee fees charged by Fannie and Freddie. We conclude that these increases would directly reduce the dollar volume of new mortgage originations by well under 1 percent.

by Maya Brennan, National Housing Conference The foreclosure crisis is past the peak but not done yet, according to the latest analysis of metropolitan serious delinquency data on Foreclosure-Response.org. Extremely high foreclosure rates remain in Florida and many Northeastern metro areas, with rates well above normal nationwide. Since the peak of the crisis nationally, serious delinquency rates have gone down only slightly in 18 metro areas and have continued rising in 9 others (largely in the Northeast and Mid-Atlantic regions). More updates and changes on Foreclosure-Response.org In addition to the new foreclosure commentary, Foreclosure-Response.org has updated our data, our research resources, and our style. Maps &amp; Data - You can now access the following updated data sets (often connected to maps and strategic policy guidance). September 2013 metropolitan serious delinquency rates and rankings September 2013 foreclosure risk scores September 2013 data on neighborhood conditions &nbsp; (i.e. the Market Strength - Foreclosure Risk matrix) 2011 HMDA housing market data Clearinghouse section - The Clearinghouse provides a window into the most policy-relevant research and resources for restoring communities affected by foreclosures. We curate Clearinghouse materials and summarize them so that you can easily find what you need and skip the information overload. Streamlined Access to Data, Policy Guidance, and Search Tools Regular users of Foreclosure-Response.org will notice that a lot of things look different around there. The home page has taken a few steps toward minimalism. The search tools are more obvious. The Maps and Data and the Policy Guide sections are more prominent, along with the new Clearinghouse. Less frequently used sections are still available through header tabs. You can also easily tell when sections were last updated. Tell us what you think! What's Next for Foreclosure-Response.org? While the site's users have been very clear...

Alan S. Kaplinsky The settlement and Supreme Court&#8217;s dismissal of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. has increased the potential significance of the lawsuit filed in June 2013 in federal district court in Washington, D.C. challenging HUD's final rule adopted in February 2013 that formalized HUD's use of disparate impact liability under the FHA. The... More &#62;

NEW YORK (MarketWatch) -- Bank of America Corp.'s $8.5 billion settlement over mortgage securities could be in limbo once again. The new judge overseeing the case has postponed giving it final approval, according to reports from Reuters and Bloomberg. Justice Saliann Scarpulla of New York state court in Manhattan agreed to delay approval of the deal after AIG Inc. filed a request Tuesday, and she has decided to hold a hearing later in February. The case involves mortgage securities that Bank of America sold to investors in the run-up to the financial crisis. Some investors sued when those securities went sour, and in 2011 Bank of America agreed to pay $8.5 billion to Bank of New York Mellon Corp., which was the investors' trustee. Some investors, though, including AIG Inc., said the deal wasn't good enough and took the banks to court. Last week, Justice Barbara Kapnick had approved most of the deal. She has since been promoted to an appeals court, meaning her cases were handed over to other judges.

Genworth to Radian Lead Mortgage Insurer Rally Bloomberg Genworth jumped 4.6 percent to $15.20 at 9:38 a.m., the biggest gain in the Standard &amp; Poor&#39;s 500 Index. Radian climbed 4 percent to $14.90. Genworth, which also offers life insurance and long-term care coverage, had a $6 million operating profit at its U.S.&nbsp; ... and more&nbsp;&raquo;

NEW YORK (MarketWatch) -- Treasury prices extended gains Wednesday after Automatic Data Processing Inc.said the U.S. private sector added 175,000 jobs in January. Economists polled by MarketWatch had expected 189,000 jobs. After the data, the benchmark 10-year note yield, which falls as prices rise, was down 2 basis points on he day at 2.602%. The 30-year bond yield fell a basis point to 3.583%, and the 5-year note yield fell 3 basis points to 1.430%. The Institute for Supply Management will release its nonmanufacturing report at 10 a.m. Eastern.

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